A Fiscal Fantasy

Weren't tax hikes for the rich supposed to solve the budget mess?

President Obama promised that higher taxes on the affluent would usher in a fiscal golden age, but Tuesday's annual outlook from the Congressional Budget Office suggests that was, well, fantasy.

The budget shop does say the revenues will be rolling in. CBO predicts that tax receipts will soar by roughly 25% over the next three years with higher tax rates. As a share of the economy, revenue will increase from 15.8% last year to nearly...